EURUSD: Elliott wave evaluation and forecast for 23.07.21 – 30.07.21


EURUSD: Elliott wave analysis and forecast for 23.07.21 – 30.07.212021-07-23 2021-07-23 Alex Geutalogo2021-07-23 2021-07-23 EURUSD: Elliott wave analysis and forecast for 23.07.21 – 30.07.21Alex Geutalogo

Main scenario: consider short positions from corrections below the level of 1.1882 with a target of 1.1600 – 1.1489.

Alternative scenario: breakout and consolidation above the level of 1.1882 will allow the pair to continue rising to the levels of 1.2269 – 1.2500.

Analysis: Daily time frame: presumably, the first wave of larger degree 1 of (3) formed, and a downside correction is forming as wave 2 of (3). Apparently, wave a of 2 and an ascending wave b of 2 formed on the H4 time frame. A descending wave c of 2 is developing on the H1 time frame, with the fifth wave of smaller degree (v) of c developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1600 – 1.1489. The level of 1.1882 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.2269 – 1.2500.

Price chart of EURUSD in real time mode

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